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talk about entitlement spending cuts. are the democrats willing to accept that the government will spend less money? if this is the case, then they might find common ground. one important issue, of course, is going to be the members of the tea party. they are saying compromise is a bad word. of course, it will be difficult for them to find a compromise, to bring them into the boat. >> we had the meeting today. we have the special session on sunday. do you expect a compromise, or are we going over the cliff? >> this is really difficult to predict, but i will look today when they come out of the meeting weather they are willing to say, "well, we are looking forward to the next meeting." will they continue to talk? will they make jokes maybe? i think this might be an optimistic sign. if they come out and just say, "well, we are looking for a solution and the other side just do not want to compromise," then the blame game will start, and we probably will go over the fiscal cliff. >> thanks so much. >> the deadlock in washington has been weighing on investor sentiment today. in eur
themselves decide. we are not a totalitarian government. if you don't work you are fired. that's crazy . let t workers decide. they are giving up their christmas and family that dape. it is it a traditional day and sometimes it is better that they don't work on the day and better for them without them knowing it. that day is set aside for a family and for a special occasion and we should observe it >> butalt the same time, tracey. a lot of restaurants do this. starbucks and dens and jack in the box and mcdonalds is getting in line. >> it is capitalism at its best and i don't think people is this come down on the workers either. the notion of getting away from the christian. maybe we should everything on christmas . people should be at home. but we can't be flippant. if you do i want like it go get another job. it is it not that easy . they will be worried if they don't come in christmas day, they may lose their job it is it unfair to a lot of people. i understand capitalism but i think you ought to have emotion as well >> fair tosk them to come in for three. >> it is not three. >> it is not
to avoid the fiscal cliff as the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen hits a two-year low against the dollar as the new japanese government battles to weaken currency. exports are rising, pushing the nikkei to its strongest gain in 20 years. .shares of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal employee pe
basically raise money to cover eight days of government spending, but you know, david and adam, we've had the letter from nancy pelosi. do you really believe it was a ploy to smoke out the republicans? because nancy pelosi in her letter is equating millionaires to big oil, special interest and corporations. why doesn't the g.o.p. capitalize on that they really want middle class tax hikes when they're talking about raising taxes on the 250,000 plus crowd >> well, i think speaker boehner and the republicans in the house would be able to get some democrats support for the millionaire tax increase which i don't think they did enough of and they had to call off that vote as we all know on that plan. but some democrats would support something like that, but we're talking here about the leadership speaker-- minority leader pelosi and you know, she, because now it's republicans proposing it, now they seem to be backing away. they might be able to get some conservative leaning or moderate democrats to support something like that. and the president, as we know, the white house has signaled they wou
go into effect. those come in gradually and they could come in more gradually if the government officials thought there was going to be a deal and they better hold off. the real uncertainty i think is what the markets will do. we look like a country that isn't in control of its own destiny, because we're acting that way right now. if you're an investor, whether you're in some part of the united states or you're in some other part of the world, do you really want to buy american securities? do you want to invest in a country whose government isn't functioning? i don't think so. we could get a big market reaction, drop in the stock market. that might scare people. >> how quickly do you -- >> but it would also be a bad thing. in itself, it would contribute to the possibility of having another recession. >> how quickly do you think we'll feel tremors from the debt ceiling now that the treasury is beginning to talk about avoiding it. >> i think we're seeing uncertainty about absolutely everything. it's cumulative, it's the debt ceiling, it's the fiscal cliff, it's what taxes are goin
of people who believe in limited government and a government that represents we, the people, and not we, the elites. and i really think that it's archaic and dinosaur-like of folks like sam donaldson who have long been out of power. i mean we broke the liberal media monopoly years ago, and this is really their death row call, not ours. thanks, sam. >> good to see you. thank you for being with us. happy new year. >> you bet. >> that's all the time we have left for the special fiscal cliff edition of hannity. thanks for being with us. let not your heart be troubled because the news continues and greta is standing by to go live on the record. greta, take it away. >> this news alert. an emergency meeting tomorrow at the white house. president barack obama, speaker of the house john boehner, house minority leader nancy pelosi, harry reid and mitch mcconnell. can they make a deal or can they do their jobs or is this just more political drama? >> we want an agreement. >> the count down is midnight. the start of a new year. >> we are going over the cliff because frankly i believe it's what the
actually being shut down on the defense contracting side and other government services not being paid for. that i can see. much higher taxes soaking up the revenue. so yes, that is a big thing. this is all gamesmanship about going over the cliff. both sides can say they win if they go fo over the cliff, oddly enough. and that is where we are going. shibani: i wants to ask both of you, when are we going to get back to fundamentals? the bottom line for investors, when are we going to get back to fundamentals, what month, what quarter in 2013? >> i think it will be in a couple of weeks here in january. it is earnings season, we will get a picture into what companies are seeing. it is almost irrelevant what happened in the fourth quarter. we want to pay attention to what they're seeing from their customers looking into the future. shibani: what are you looking for in 2013? >> i think we will get there when we figure out this cliff situation and the other half when the fed lays off the pedal because that is the other real peace driving us, driving the market beyond the market fundamentals. dav
difficult for the federal government. people are wary of all of the uncertainty. they are keeping their pocketbooks closed during this all-important spending season. do you see that as an interesting perspective? >> i think at this point, here you have this santa claus rally which is a market phenomenon that makes sense until it doesn't. that works until it doesn't. coming into this season we would have a typical 1.7% increase in the s&p 500. now, we are dealing with questions that will remain unanswered until january. that uncertainty makes investors anxious. tracy: we have for trading days left. what should we be doing? what should people be doing over the course of the next couple trading days? >> i think people should really look at their capital gains. we are at a point now where capital gains is going up. it makes sense to take him and reposition them when we find out what will happen. lori: i have to tell you, i think stocks are the place to be. stocks, even emerging market stocks, there is a lot of strategy. how would you recommend it? >> i think equity because bond yields
. people resign from their positions, but they don't necessarily resign their employment in the government. for the head of diplomatic security, although he's a presidential appoint tee, my understanding is he's also part of the foreign service. so he has left that particular job, but he's still a member of the foreign service. and i think a similar situation applies to the other three people. that's something that, you know, if it were a political appoint tee as the assistant secretary, once you resign, you are gone, that's it. and that was the impression that they left when these announcements were made last week but that's obviously not what has happened. >> that's what people want to know. so they have accepted eric's decision to resign but nevertheless people are still on the payroll. there's the accountability? and it's a coverup of resignations. they don't seem to have any import behind them. the fact of the matter is it's just for show. more political coverup to say we are doing something, heads are going to roll, maybe not the heads that matter and it's -- >> it's a lot of blue sm
is suspending all of its oil exports. its regional government says iraq's central government has underpaid its share of export revenue. the export halt affects about 100 thousand barrels of crude every day. >>> terrorist cell arrests and shiftdown hurt oil futures as they hit a two-month high. crude settled up more than 2 1/2%, closing at $90.98 a barrel. we'll turn our attention attention to something less economic oriented but something certainly important. that's syria. one of syria's top generals defected alleging chemical weapons are being used by the assad regime against rebels. has the u.s.'s red line for intervention been crossed? details coming up on that. >>> thousand of union dock workers could bring ports across the gulf coast and eastern seaboard to a standstill starting this weekend. details how that could shipwreck busissesacross the united states coming up. do you ever have too much money? i think not. ♪ adam: a top syrian general stunning the assad regime defecting to the side of the bels. in a videotaped statement that general claims assad's forces used chemical weapons aga
of state do not like me very much. i was chair of the government oversight committee during the time we were investigating whitewater and we were investigating campaign contributions that came from sources outside the united states and from various people. there was an awful lot to that. we had people testifying like ohnny chonung, they had contributed money to gain favor with the white house. and they came into the kitchen at hong kong and said we wonder -- we like your president and we want to contribute to his campaign. the man who said that was the equivalent of the cia. these were people who were under oath and swore to this and we also had over 100 people take the fifth amendment or flee the country. there was a lot there. that is not to say that president clinton did not do some good things. he worked with newt gingrich and we got out from under some difficult financial problems but i do believe and i still believe there was some illegal activities that took place and we were unable to get the job done. i've always said that janet reno was the greatest blocker than anybody i had
geithner warned the government would hit its legal borrow i borrowing limit i limit by monday. geithner says the treasury will be forced to take, quote, extraordinary measures to keep paying the bills. he also referenced the impending fiscal cliff, which threatens to derail the economy if a compromise can't be reached by next week on those big unanswered issues. with both sides locked in the standoff, house republicans are calling on senate democrats to act first. democrats aren't budging much on their demands. they want to extend tax cuts and incomes below $250,000, prolong unemployment benefits, and delay those sweeping spending cuts. sam stein. >> yes. >> what happens in -- and it appears it will happen -- we go off the fiscal cliff for a few days? >> not much, is my understanding. kwb, over time, it will have much more of an impact, and it's unknown exactly what the market's psyche will do with respect to the government's inability to come together. with respect to the tax hikes, it won't be as bad as the rhetoric is suggesting early on. whether it's enough to actually get people to
the road. no sham toast for the treasury department. that is the day the u.s. government is estimated to hit $16.4 trilli $16.4 trillion borrowing limit. in a letter to congress timothy geithner says he will take several accounting measures to start the new year that. will keep the gvtmeovernment from reaching the limit until a fiscal deal is reached and the economy can save off the debt. >> let's talk about toyota? >> owners of 60 million lexus and cars from 1998 to 2010 may be getting some cash. toyota has agreed to pay more than a billion dollars to settle a class action lawsuit. toyota will create a fund for retrofitting more than 3 million cars of technology that makes it easier for them to stop. in late 2009, all of 20010 due to lower resail value of the car. toyota has not admitteded any guilt on this topic. >> they get a big chunk of change and the car owners a little bit. >> for many passengers air travel is about finding the cheeps air fair. as airlines offer more and more add-ons from early boarding to premium seating to baggage fees that ability to comparison shop is prett
. it is pragmatic. the united states federal government -- unless europe is dollar rise, unless they do not have dollars to spend purchasing the net exports of those who have surpluses, then they will stop having surplus. this is the surplus recycling mechanism. thus, we have the 20 years of the golden age. 60's.950's and the 19 a period of immense stability very low inflation. universal growth. we had other problems. the lease from the macroeconomic point of view, it was a golden age. why is that? -- why did it end? because the global surplus of recycling mechanism was sustained. -- could no longer be sustained. why? because the united states stopped having a surplus by the end of the 1960's. how can you recycle surplus if you cannot have it. enter a young turk in 1971. well, paul volcker -- been named may ring a bell. in 1971, paul volcker was an unknown working for another american. henry kissinger, who you may have heard of. before he became secretary of state. he was still national security advisor. volcker's paper, which are when i read a few years ago, i thought it was the most remarkable
a major blow to the government of syria. the general of military police appeared on television last night and announced he was defecting and joining the rebels. while dozens of generals have left since the crisis started in march of last year he is one of the highest ranking officers to abandon the government. senate taliban is claiming responsibility for a suicide bombing outside a united states base in afghanistan. officials say a car bomb went off at the gates of camp chapman. it killed a security guard and two drivers. it injured six civilians. the base has been targeted by attacks in the past. >>> egypt has a new constitution. the president signed it into law. more than ten million voted to support it but more than two thirds did not participate. critics say it passed to quickly. human rights watch said it protects some rights but undermines others. >> russia's president could soon decide if americans should be ban from adopting russian children. the government voted in favor of such a ban. russian activists say it deprives children of the chance to leave orphanages. it's a response
the database and they monitor them? >> wait a minute, this is the government. >> they are outing them like they have done something wrong. >> no, no. you have a permit to own a gun. >> it's a symptom. a greater disease. >> no, you have a permit to own the gun. the government said here, and it's freedom of information. >> would you be comfortable with your address outed? >> my address is. >> how about the writer ares of the journal news? >> the guy who wrote the article revealed he owns a gun. >> look, i'm in the phone book, i'm in the newspaper. i mean, you know the thing is for all of us. >> call me. >> thank you. >> but for all of us, there's a high degree of risk. one thing greg says on the show which is true, we are guarded. what people guard us? that's not the issue. so it's not that i'm anti-second amendment, i'm just saying let's be realistic. there's a public safety issue about people having too easy access to guns. >> you have it backwards. you have it backwards. if you took the whole country and did the same thing on the map of the country, the safest places to win would be the o
geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still
on the government's pay roll and will be back to school with work. here is the reaction lieutenant cornel tony schafer. when you heard the report that came out around christmas, what did you think? it is an extended montyepython skit. the idea here is that these people are not held accountable . this is but one more layier clayton of regarding the whole benghazi thing . caroline lamb when she testified show felt in the face of four dead americans that the numbers were just right. it indicated that she is incompetent and out of touch with reality. you will not see it happen again. she will not perform to standard. it is inevitable . congress is off when it is time for the holiday. they tried to find out if it was true. they haven't said the judgeds are still on the pay roll can receiving a salary. do these people still have a job? >> i am sure they do. whatever they say you need to look deeper in this case they are moved around and shuffle the chairs. these people took a bullet and they will be protected and if you can't get fired over sevore incompetence what can you get fired over. >> clayton
,000 people signed sniet we started yt we the people" so you could petition if government on the matters you care about the most. >> reporter: it allows anyone to create a petition and with 25,000 signatures in 30 days the white house promise as response. since the shooting the website has received more than a dozen petitions supporting gun rights and gun control, but the requests aren't always serious. >> that's not a moon. it's a space station. >> reporter: one asks the federal government to secure resources and 23u7bding to build a dealt star by 2016. it has 32,000 signatures. multiple states have asked to recede from the u.s. the move to kick morgan out of the country may have some support but laughing it off. tweeting merry christmas, even to those who want me deported. >> two others have pop up. one asked u.s. to keep him because britain doesn't want him back, the other says his spiech is protected. much of the admin station knew -- >> do they realize how social media -- >> there you go. >> consider can get a mass of people for anything. >>> it was a busy year
and the government and tell you who is on what side of the market so we're looking at speculator is being more of the bullish crowd where commercials or hedgers and these are the traders that are not neutral. they are not speculating. they hold on the other side the other side of the trade in the cash market so we are looking at the currency market in particular, they are setting up for a strong u.s. dollar rally where they are heavily short of the british pound and the australian dollar and swiss franc, getting some movement. shibani: it is clear it is a set up but what is the cat was to cash in on this? >> the catalyst no matter what the response is out of washington with the fiscal cliff it is going to slow the economy next year. raising of taxes, cutting down of government spending will decrease economic growth, gdp growth which calculations -- shibani: we're predicting a slowdown but predicting a rise in currency in u.s. dollar. how does that -- >> good question. for safety. the bond market everyone is bearish on the bond market because interest rates should go up but in all reality the c
tack to the center where i'm going to govern for all of you. are you coming back? >> i'm going to. >> the jacket is coming off, though, right? >> christmas eve and i'm celebrating. as you know, we had the tree going this weekend with the lights on. >> that's so nice. there's one other thing i sought on that thing over the weekend that you brought us that i was going do -- oh,no. did you see mitt romney did not want to run? >> i saw that. that was in the boston globe. that was a great piece worth reading. then he found out how bad things were going on his ipad. >> yeah. but maybe he didn't want to run because there were times i really kind of thought it looked like he didn't want to run. >> yeah, but towards the end, i thought he did. >> he tried hard. thanks. >> okay. >> come over here. >>> in other news, a dock worker strike on the atlantic and coast could be just days away. port operators have been negotiating with the long shoreman association since march. but the two sides are said to be far from closing on a deal that would cover cargo handling at 15 ports, a 9d 0-day extensi
the fog is. >>> wasted tax dollars. you'll be surprised where government officials are spending your money. >>> and call it an incentive plan. the unique program being considered by san francisco to save money on health care costs. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we muscled through it. is she for real? your generation has it made. [ male announcer ] the wireless receiver only from at&t u-verse. get u-verse tv for $29 a month for six months. rethink possible. >>> taxpayer money is paying salaries and bonuses to workers and elected officials who have been suspended and convicted of crimes. that's what our washington bureau reporter macfarlane found after digging into pub records >> reporter: he orchestrated an outrageously wasteful party in vegas on taxpayers dime. 800,000 spent
geithner has warned congress hat u.s. will reach its debt ceiling on monday. that is when the government reaches its legal borrowing limit. now, this could pose a bigger threat to the nation's credit rating than the fiscal cliff. treasury can keep the government operating for a few weeks using emergency measures, but congress needs to act on this too to avoid a full-blown debt crisis. alina cho. joins us with the ret of the top stories. >>> former president george h.w. bush remains in intensive care in a houston hospital with an elevated fever. he is on a liquid diet an his condition is listed as guarded. his spokesman quotes him as saying i'm determined not to be dprumpy with all of this. >>> toyota has agreed to pay up in a major way, $1.1 billion to settle a class action suit over sudden acceleration issues. under the deal toyota will install a brake override system in effective cars. it will also set up a fund of $250 million for former toyota owners who sold their cars from september of 2009 through all of 2010. that money would compensate owners for their car's reduced value becaus
to see i increase my interest because these guys can't run a government, you're looking at going toward a recession where we're playing politics in washington. this is very serious. this is not just beltway rhetoric here. i think that people need to understand to the point of calling their congressional representative in outrage today saying, we should not be at this point. they're playing politics with the actual livelihood of families. this is not something that it will be all right a week or two or three or four. we start to go down that cliff, we don't know whether the momentum downward is going to be very, very damaging. >> yeah. >> maybe. >> you got na smirk on your face. >> maybe. i agree with the reverend that they're playing politics with livelihoods, because it is a huge risk. you're right about that. i disagree a little bit on the sort of dramatic, immediate impact of it. what we could get -- this is a possibility, and i'm trying to be optimistic because it's towards the end of the year. it's been crummy for a lot of people. we could get a deal the third week of january where
, and will be for the economy in 2013. finally, did you see this amusing story? u.s. government is put on a negative watch by china? by china? the credit rating agency in china put them on the u.s. government debt on a negative rating at this point. negative watch. this, of course, was supposedly independent rating agency created in china to try to rival moody's and s&p and fitch's. that's getting interesting play out there. their independence, of course, greatly in question. guys, back to you. >> bob, get a lozenge, will you? >> sorry about that. >> let's head to the pits. good morning, rick. >> good morning, melissa lee. well, no surprise we're still hovering in the 170s in the ten-year. but maybe something interesting. you know, on the floor we call it the growth dividend. if you look at a chart for our ten-year starting on july 26th, and i pick july 26th because that was mario draghi's big day. he said anything it takes. as you look at our rates over that period, then look at the boon rates over that period. you can see that the growth/disparity, our yields are higher in that formation than boon yield
government bailout than meets the eye. liz macdonald tells us the white house is backing a plan to help out underwater mortgages and not just for government underwritten loans. shibani: let's take a look if you own these stocks on the nasdaq you are making money today. research in motion, netflix, a lot. dennis: the christmas movie box office cannot non-violent are rated westerns by quentin tarantino against a broadway musical based on a nineteenth century novel, was miserables and the musical won. universal's less miserables broken 18.one million dollar guarantees, tarantino break-in $15 million, the highest level christmas opening for and are rated film. elsewhere taylor swift is breaking up with stream music services. turn newest album read finished fifth week at number one but she refused to make it available on internet streaming services that the attendees her songs. other music acts may take notice. a great story in the wall street journal. an office building, number one times square, the bad news, it is mostly vacant. the good news is it brings in $23 million a year in ad revenue on
cliff, so note to the government. it does matter. >> yeah, but that's, as you say, part of it. laura, what else is going on? it just felt like we were going into a lackluster season here. what happened? >> i mean, there's been some discussion about weather trends as well, but whether or not we go over the fiscal cliff, consumers think next year we'll see higher taxes and lower entitlements. the only place in our space where we see a very significant fiscal cliff hit is aspirational customer, so the step-up customer into low-end tiffany's jewelry, for example, we just don't think they showed up this year. >> even if people, stacy, are going to be hit by higher taxes next year, at least some people are going to be hit by higher taxes next year, a lot of this is psychological, isn't it. you turn on the tv and you're feeling spooked, right? and once we have a deal or resolution, uncertainty taken away, will people unleash their spending? will this be unlocked? >> i think at the high end, yes, there will be some relief, and, you know, to laura's point, we were in tiffany over the weekend,
of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >>> the defense industry sure to be affected if we go over the fiscal cliff in just three days because of those automatic spending cuts to the industry. our jane welles has a look at what's ahead for defense in 2013. >> reporter: as the u.s. leaves the fog of war, the defense industry enters the fog of deficits. no industry is more vulnerable to the budget acts, and here are three predictions for 2013. first, the f-35, lockheed's joint strike fighter will be just fine. the most expensive program in history has been hit with cost overruns and production delays and concern from foreign buyers over its price. but lockheed and the pentagon have come to terms to buy another round of the jets for nearly $4 billion. morgan stanley calls the f-35 the single most important investment debate over lockheed stock. second, cash will be king. as defense spendin
. >>> in syria the military police chief has defected from president assad's government. this video shows a man identified as the official. i want you to take a listen. >> translator: i announce my defection from the regime and joining the peoples revolution because the syrian military has strayed from the core mission in protecting the homeland to become nothing but an armed gangs that kill and destroy cities and villages carrying out massacres that came out demanding freedom and dignity. >> pretty strong words. this would be one of the highest level defections in the 21 months they've been fighting. the prime minister and general were close to al assad and they also left the regime in recent months. first of all, tell us, this guy, i mean he essentially says they're thugs going after their own people. this seems pretty significant. >> reporter: well, that's right. he's identified on this tape as the general. aside from the video, we spoke with officials from the free syrian army today. they confirmed to us and helped this man escape syria and he's now in turkey. they say it's significant beca
to support and fund our government. what does it say about the dysfunctionality? >> we will have to leave it there. happy holidays to you. joining me now on the phone, congressman gregory meeks. congressman, i just saw you downstairs in the lobby about two or three hours ago and you were waiting on a phone call to determine when you might have to go back to d.c. to hammer out fiscal cliff matters. have you gotten the call yet? >> we are still waiting. >> no word as to when you guys are going back? no sense of urgency? >> i think there is a sense of urgencey and we have to have a deal. i don't think that the speaker is going to bring back all the members unless he has a vote and that's what he is going to have a conference call. he's got to resolve his conference. democrats said they indicated to meet folks halfway. the government worked for his entire existence. i think the speaker is concerned about whether or not he can get reelected. he puts the bill on the floor without having all of his republicans on as i heard in your panel. the talking about i believe we can get 20 or 25 or more t
. and you'll notice that when employer gets to around the adjusted withholding, the government spending cuts, those are also scheduled for january 1st and bound to slow the economy and some argue they'll weaken the military. congress has seen this coming, but an effort to limit the damage failed last week. republican house speaker john boehner could not persuade enough members of his party to let tax rates rise on incomes over a million dollars while sparing everyone else. dana bash is our senior congressional correspondent. dana, this time tomorrow, the president is supposed to be back, having cut his trip to hawaii short, the first lady, the girls are staying in hawaii. the senate is supposed to convene, but not necessarily the house. what is going to happen? >> reporter: well, we're not really sure. in fact, house republican leaders are having a conference call, i'm told, as we speak, to figure out that very question. they told their members that they would have 48 hours notice before they reconvene the house and so at the earliest, that would be on friday. but, you know, the action reall
. the chinese government plans to build a grid of high-speed railways which for east-west lines and for north-south lines by 2020. >> we will be right back. hey, look! a shooting star! make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a jetta. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. >> every major holiday the california highway patrol puts out a all hands on deck. it is called maximum enforcement. >> this means that there is a maximum amount of officers on the road looking for violators. look at this dryer. >> the reason why statues because you're not wearing your seat belt. >> the driver claim that she forgot. this is not a good excuse. so, this driver was are observed doing something that is all too common. >> exit the freeway, drive, drive, dri
to be the police chief accuses the government of carrying out massacres of innocent civilians and he says the military is nothing but armed gangs that kill. he says is he defecting to, quote, join the people's revolution. and the recovery in the housing market remains on pace. home prices rose 4.3% in october over last year, that is it the biggest percentage increase in more than two years. near record low mortgage rates and fewer foreclosures are helping spur sale which is in turn is boosting prices. and the world's longest high speed rail line is up and running and it's in, where else, china. the 1428 mile line spans more than half the country linking the capital of beijing to the southern chinese bloom city. trains will run at 186 miles per hour. >>> and civil rights icon nelson mandela has been discharged from a south africa hospital. 94-year-old former president will continue treatment at his home. he was hospitalized with a lung infection on december 8th. one week later, he had surgery to remove gallstones. i'm sure everyone's pleased to hear that he's doing well. >> thanks so much
department says it will start taking steps to postpone the government from hitting the $16.4 trillion debt limit the money the government can spend to finance its operations. >>> toyota will pay the biggest sum of money ever recorded for a car defect. the proposed $1 billion settlement will resolve a class action lawsuit for hundreds of toyota owners who claim unintended acceleration problems caused numerous crashes, injuries and even some deaths. >>> and chicago wins the dubious award of having the nation's most expensive metered parking. starting on new year's day parking meters in downtown chicago will cost $6.50 an hour up from $5.75. the city leased the meters to a private company for 75 years for the bargain price of more than $1 billion. >> thank you, erica ferrari, cbsmoneywatch.com. >> i love san francisco even more now. you have to have a credit card. that's almost a roll of quarters. >> i just discovered parking cards. >>> if you are heading out doing any traveling on the roads this morning, so far actually things look pretty good outside. we have a nice quiet weather day shapin
time in two cities by train was more than 20 hours. >> the chinese government plans to build a grid of high-speed railways with forties' was lied to for north-south lines by 2020. >> a veterinarian in the uc davis has some good news about a dog from the philippines became an international hero after sacrificing it's not to say to young girls. >> the dog named kabang appears to have beaten the cancer it was suffering from. kabang ended up in davis' earlier this year after a nurse in new york spent a fund-raising campaign to bring her to the u.s.. >> will be back with kron 4 morning news. >> here is a look at the bay bridge toll plaza. traffic is picking up. it is still light. we would not have any problems in the bay area. 51 degrees in oakland. at noon it will get more to degrees warmer at 53. still not bone chilling cold. >> and the north bay marin avenue in mill valley is back open this morning after it was shut down because of a major water main break on monday. >> firefighters say a 12 in. main ruptured late in the morning and spewed a about a thousand gallons of water a minute
government plans to build a grid of high-speed railways with four east west lines and for north-south lines by 2020. after our show dr. phil at 10:00 a.m.. we will be right back. >> despite a summer slump at the box office 2012 is expected to mark the industry's highest year on record. it forecast hold through up out the end of the year the industry was the up nearly $11 billion in ticket sales. films including the avengers, the hundred games, and the twilight saba breaking dawn help keep revenue afloat. clinton andclinton tarantino die unchain and a musical light as a route which opened yesterday are expected to help 2012 and not a high note. does the customs and is expecting it again and we did it that confirmed it. 9656 right now yesterday was rainy and ugly, today not so much. we have breezy wet rather but said thursday the sun comes back and we have left over showers lingering into the weekend. sunday looks to be a little clearer and the work week i can't cut the workweek we have new year's next week. nationwide weather, there are it storms walloping the various areas. it is very busy
. police have arrested 66 man. the rate sparked widespread protests and a government panel will be assembled to look into crime and suggest ways to improve women's safety. >> south africa's president see it says former president nelson mandela has a release from the hospital. the 94 year old had been in the hospital since the beginning of this month. he was diagnosed with lung infection and also had a surgery to remove gall stones. a presidential spokesman says mandela or receive more medical care at his johannesburg, until he fully recovers. newtown connecticut officials are asking the public to stop sending gifts which the small town is struggling to manage. since the slaying of 20 students and six faculty members nearly two weeks ago the town has been the loser would guess from tens of thousands of teddy bears, barbie dolls and soccer balls to flowers, art work and school supplies. officials say they would detail the best ways to help the community after the warehouse full of items are process. >> electronic board of the nasdaq on the right and the opening bell will ring
's court system and result in millions of dollars in annual savings for both state and local governments. senator mark leno who couldn't join us today as been quoted as saying, quote, there's been no evidence to suggest long prison sentences deter or limit people from abusing drugs. in fact, time behind bars and felony records often have horrible, unintended consequences for people trying to overcome addiction because they are unlikely to receive drug treatment in prison and have few job prospects and educational opportunities when they leave. this legislation will help implement public safety realignment and protect our communities by reserving prison and jail space for more serious offenders. commenting on the fact 13 other states have moved in this direction, senator leno has said, quote, in fact, the experience of these other states when treating drug possession as a health issue has resulted in better public safety outcomes which can result in safer communities. george, why don't we start with you. you've dedicated post of your adult life to fighting crime and trying to make communi
superstorm sandy but now they're getting help. the federal government sent more than $1 million in aid to superstorm sandy victims. fema received hundreds aapplications and they're still processing the requests. the obama administration initially denied any aide to individualing living in somer -- individuals living in somerset county but since reversed that division. >>> in for round two? >> round two by saturday megan and charlie. over to the boards and show you through the course of the morning we'll be right around 36 degrees. lunchtime lot of clouds. windy at 37. we'll be flirting with the 40 for much of the afternoon. but the story is the wind and the wind will make it feel like it's around the freezing mark. here's that storm system from yesterday pulling up to the canadian maritimes. cloudy skies behind it and here we go out to the rockies another system that will be the saturday event we've been headlining through the morning. 39 today and 40 for friday and wintry mix moves in over the weekend. pretty chilly overall forecast with temperatures into the upper 30s to around 40 d
thursday. if they do not reach a deal by next week, tax hikes and automatic government spending cuts take effect. >> shoppers descended to grab christmas sales. they rushed into shops when the doors opened. some stores cut prices up to 75%. the day after christmas is very important for retails in central london. more than $80 million is expected to be spent today. 100,000 shoppers are expected to pass. the deadline for the fiscal cliff edging closer. the president and lawmakers will return to washington. what lies ahead and is there time to reach a deal? i look at the true holiday spectacular in howard county. stay tuned as we look at the symphony of lights. >> many families packed up and took a drive through the symphony of flights. this is the 19th year for the gigantic light show. tommy culp was there and brought this back with him. >>♪ >> how nice. that is all for me. here is what is next. >> we still got some rain out there. we talk about how this storm will wind down. >> a baltimore man indicted in the death of his son. >> an officer involved shooting. we have the latest. >> you'r
. and they're not going to, basically, get employment and income with government assistance and subsidies alone. you have to grow the economy, and nothing this president's done in four years has meaningfully done that. let's go back to the point that says the republicans are intractable. they agreed to $1.2 trillion in new revenue. john boehner from the very beginning put 800 billion in revenue on the table. the president was known to say, well, that's mine. i get that one for free. i don't have to give anything in return. the president in addressing a deficit added $1.6 trillion in new spending. gregg: yeah. >> so who are we joking right now? the president has never taken the spending side of this equation seriously, which is why we don't have a deal. republicans have put their necks on the line supporting new revenues, the president's not coming through. gregg: senator barrasso said the president does want to go over the cliff, because he wants to punish republicans. is there something to that? >> i don't think there's anything to that, but the reality is that if he wants to get anythin
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